Online payment, via ewallet or payment service providers, is very convenient. At least that’s what over 3 billion customers in e-commerce could easily argue. Of course, it is a very different kind of convenient than we were used to over decades.1 Handing the cashier a number of coins from one’s pocket or wallet is no big deal either. Or waving with one’s credit card at a point-of-sale.
The convenience deriving from modern digital payment is one of mobility – and sometimes the lack thereof. We can flexibly pay wherever we are, without the need of carrying around our physical wallets (our smartphones suffice). At the same time, shopping can take place at home. Even if we are bound to our own four walls, we can pay for goods and commodities with just a few clicks.
But payment is just as much a broad term as convenience is. Behind the scenes of your checkout page, in the technical profundities of the software, it makes a huge difference whether the payment happens via an ewallet balance or a bank or credit card transfer, facilitated by a payment gateway.
Payment Gateways vs. Ewallets? Not Quite!
However, make no mistake and don’t take “Payment gateways or ewallets” literally. The two are not exact opposites: You need PGs to process a transaction no matter what. The real question is: How exactly does using ewallets vs. regular payment providers influence the payment process, especially regarding user experience?Read More